Charted: Pudgy Penguins and Bored Apes are converging
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The prices for the most common NFTs in the No. 2 and No. 3 collections have been battling all year, and are once again coming to a head.
The big picture: Bored Apes Yacht Club and Pudgy Penguins are down for the year, as the NFT market hasn't recovered the magic of 2021.
- Yes, but: Bored Apes, launched by the once-vaunted Yuga Labs, is down much, much more.
Between the lines: NFTs are released in collections, with some having rarer traits. Floor prices refer to the price of the most common items in a collection.
- This morning, the Penguins are showing an 8.8 ETH floor, while Bored Apes sit at 9.1. Nine ETH is worth roughly $30,000 at current prices.
Details: Pudgy Penguins has had a great year under CEO Luca Netz. It's selling physical toys based on the NFTs in Target and Walmart.
- Meanwhile, Apes owner Yuga Labs has had a rough go, culminating in a restructuring in April.
The other side: Even at a lower floor price, Bored Apes has a higher market cap than the Penguins, because it also has a 12.5% larger supply of NFTs in the collection.
What we're watching: Both projects have social games in the works. If either community likes early versions, it could turn the tide.
- If both communities like them, though, this fight might go on for a while.
